Finding The Money of a deceased or incapacitated Loved One can be challenging
If you are (or will be) in a position to receive an inheritance and / or manage assets for an incapacitated Loved One or an estate, "Be Prepared" can be a useful and, ultimately, lower-stress way to go.
"Having the conversation" in advance with your Loved One while s/he still has her brain power and memory can be daunting. On the other hand, should your Loved One die without your having the needed information, the process of the ultimate transfer of monies will be more time-consuming, frustrating and piece meal.
The following is a template you could use to begin to gather information. Even if you actually don't use the template until after the person dies or becomes incapacitated, the template can still be useful. It is possible - likely - you will have one or more phone calls with "Sponsor" financial firms. By having as much information as possible at your fingertips, those phone calls will be shorter and more productive.
Challenging note: Some Firms Require their own Documents
Beneficiary Designation Forms
Are required for certain kinds of assets - IRAs, annuities, insurance.
In these cases, it is critical to have the Beneficiary Designation form signed by the asset owner, because ... with small exceptions, assets by law driven by Beneficiary Designation form will be much more difficult to get the sponsor to distribute funds without the signed Beneficiary Designation Form
POA - Durable Power of Attorney
There is potentially more leeway with this form. Some sponsors will accept a legally executed POA created by the client's attorney.
While others might require their own form be executed.
Ask the Sponsor. There isn't any better way to find out!
Cetera Advisors LLC does not provide tax or legal advice. The information in this material is not intended as tax or legal advice. Please consult legal or tax professionals for specific information regarding your individual situation.